FPL First Calgary

    First Calgary Petroleums Ltd. cases ninth successful well on Block 405b

    in Algeria

 

    CALGARY, AB, Oct. 31 /CNW/ - First Calgary Petroleums Ltd. ("FCP" or the

"Company") today announces initial results from the drilling of MZLS-1, an

exploration well located on FCP's 100% held Ledjmet Block 405b in Algeria.

Wireline logging of MZLS-1 indicates the presence of 51 metres of net

hydrocarbon pay over multiple geological intervals. Production testing is

anticipated to commence in early November.

    The MZLS-1 well, drilled to a depth of 4,500 metres, is located 6.3 km

southwest and on the same fault block as the MZLN-1 well, which production

tested 45,596 barrels of oil equivalent per day.

    Martin Layzell, Vice President, Exploration and Operations stated, "We

are very excited by these results. MZLS-1 is FCP's ninth cased well on the

Block and is located over 6 km south of the MZLN-1 well and west of the

recently announced LES-1 cased well. The logging results confirm the extension

of the known area of hydrocarbon saturation towards the southern boundary as

well as towards the west of Block 405b."

 

    First Calgary Petroleums Ltd. is an oil and gas exploration company

actively engaged in exploration and development activities in Algeria. The

Company's common shares trade on the Toronto Stock Exchange in Canada (FCP)

and on the AIM market of the London Stock Exchange in the UK (FPL).

 

    This news release includes statements about expected future events and

financial results that are forward looking in nature and subject to risks and

uncertainties. FCP cautions that actual performance may be affected by a

number of factors, many of which are beyond its control. Future events and

results may vary substantially from what First Calgary Petroleums Ltd.

currently foresees.

   

    For further information: contact: Richard G. Anderson, President and

CEO, First Calgary Petroleums Ltd., Tel: (403) 264-6697, Website: www.fcpl.ca;

European contacts: Jim Joseph, College Hill, Tel: +44 (0) 207 457 2020;

Carina Corbett, 4C Communications Ltd., Tel: +44 (0) 207 907 4761

    (FCP. FPL)



END

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